Entra has decided to do certain changes to how the Profit & Loss statement is presented in order to better reflect the underlying operational results and to a greater extent be harmonised with how peer companies and equity analysts present their figures.
The major changes are:
- Stating a clean Net operating income (from property management)
- Including net realised financials in Net income/Net income from property management
- Including profit from associates and JVs in Net income
- Establishing Net income from property management as Net Income minus value changes and tax from associates and JVs and profit from Oslo S Utvikling
The new vs. old Profit & Loss structure is as follows:
| New P&L Structure | Old P&L structure | |
| Rental income | Rental income | |
| Repairs & maintenance | Other operating revenue | |
| Operating costs | Total operating revenue | |
| Net operating income | ||
| Repairs & maintenance | ||
| Other revenue | Operating costs | |
| Other costs | Other property costs | |
| Administrative costs | Administrative owner costs | |
| Share of profit from associates and joint ventures | Total operating costs | |
| Net realised financials | Net income from property management | |
| Net income | ||
| - of which Net income from property management | Changes in value from investment properties | |
| Share of profit from associates and jointly controlled entities | ||
| Changes in value of investment properties | Operating profit | |
| Changes in value of financial instruments | ||
| Profit before tax | Interest and other finance income | |
| Interest and other finance expense | ||
| Tax payable | Net realised financials | |
| Change in deferred tax | Unrealised changes in value of financial instruments | |
| Profit for period/year | Net financials | |
| Actuarial gains and losses, net of tax | Profit before tax | |
| Total comprehensive income for the period/year | Tax payable | |
| Change in deferred tax | ||
| Profit for period/year | ||
| Actuarial gains and losses, net of tax | ||
| Total comprehensive income for the period/year |
Enclosed is Q1-Q4 2015 + FY2015 stated using the new Profit & Loss structure. There are no changes in the underlying numbers.
For further queries please contact: Anders Olstad, CFO, tel: +47 900 22 559, email: ao@entra.no
